If you are an entrepreneur or small business owner, then you probably pride yourself on your ability to get things done solo. After all, programs such as QuickBooks do all the work for you, right?

Well, the answer may actually be no.

You started your business to focus on doing what you love, not to wrangle receipts and stay up late at night reconciling your company’s credit card transactions. Losing money may not be the only downfall if you mishandle your company’s accounting—if you make the mistake of confusing personal and business funds, you may wind up getting dragged into a lawsuit and facing significant fines.

China's Huawei, hit by crippling U.S. sanctions, could see shipments decline by as much as a quarter this year and faces the possibility that its smartphones will disappear from international markets, analysts said.